2020 Foresight Report: Trends in Non-Life Insurance Underwriting

Synopsis

The report provides in depth market analysis, information and insights into underwriting industry trends for non-life insurance globally, including:

- Comprehensive assessment of non-life underwriting market dynamics

- Analysis of the effect of changes in regulations on underwriting

- Analysis of the underwriting cycles

- Detailed analysis of the technological trends impacting underwriting

- Detailed analysis of the effect of natural and man-made disasters on underwriting

Summary

The insurance underwriting industry has undergone a paradigm shift over the last decade due to the introduction of new technology, which has revolutionized processes and business practice. Insurance companies are augmenting their processes to maintain a social media presence and also to help combat fraud. With the advent of Solvency II and other risk-based capital (RBC) approaches, underwriting has become increasingly dependent on movements in the regulatory environment. Several natural disasters resulted in substantial losses and an exceptionally high number of fatalities during the review period (2008-2012). Telemetric, predictive analytics, automated software programs and the use of social networking sites has transformed the way in which insurance underwriting operates.

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Scope

- This report provides a global snapshot of the key performance indicators impacting underwriting including combined ratio, loss ratio and expense ratio and underwriting profit/loss trends

- It studies the impact of regulatory trends on underwriting including Solvency II and EU gender neutral insurance

- It provides detailed analysis of the different underwriting cycles

- It provides detailed analysis of the relationship between economic growth and the insurance industry’s growth in key markets

- It provides detailed analysis of the impact of technological trends in underwriting

- It provides detailed analysis of the impact of natural and man-made disasters on underwriting

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Reasons To Buy

- Make strategic business decisions using detailed assessment of the key challenges and opportunities that non-life insurance underwriting presents currently

- Understand directives of new regulations and the necessary changes required in the current business structure of an underwriting firm

- Assess underwriting profit or loss trends in key markets

- Assess the impact of economic growth on the insurance industry

- Assess the adoption of technology trends in different companies across different geographies

- Find out how underwriting has evolved due to the impact of natural disasters

Key Highlights

- The insurance underwriting industry has undergone a paradigm shift over the last decade due to the introduction of new technology, which has revolutionized processes and business practice.

- Several natural disasters resulted in substantial losses and an exceptionally high number of fatalities during the review period (2008-2012).

- While, mature markets such as the US, the UK, France and Italy are recording stagnant growth, emerging economies are driving premiums.

- The US non-life insurance segment registered the highest underwriting loss in 2012, while, Japan recorded the highest underwriting profit.

- The growth in telematics users in Europe will be driven by the UK and Italy.

- Predictive analytics has revolutionized the world of premiums and claims management in the insurance industry.

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Table of Content

1 Executive Summary

2 Global Snapshot: Assessment of Non-Life Underwriting Market Dynamics
2.1 Analysis of Key Performance Indicators Impacting Underwriting
2.1.1 Comparison of underwriting profit/loss trends
2.1.2 Comparison of global loss ratios
2.1.3 Comparison of global expense ratios
2.1.4 Comparison of global combined ratios

3 The Effect of Regulations on Underwriting
3.1 Overview
3.2 EU Ruling on Gender Neutral Insurance to Affect Underwriting
3.3 Impact of Solvency II on Underwriting
3.3.1 Evolution of regulations affecting underwriting
3.3.2 Solvency I vs Solvency II
3.3.3 Basel II vs Solvency II
3.4 Solvency II Risk Assessment and Challenges
3.5 Analysis by Solvency II Pillars
3.5.1 Pillar I - capital adequacy
3.5.2 Pillar II - systems of governance
3.5.3 Pillar III - supervisory reporting and public disclosure

4 Market Dynamics Related to Economic Risk
4.1 Underwriting Cycles
4.2 Market Dynamics during 2008-2012
4.3 Relationship between GDP and Gross Written Premium Growth

5 The Technological Trends in Underwriting
5.1 Telematics
5.1.1 Key takeaways
5.1.2 Snapshot of different telematics-based insurance schemes
5.2 Predictive Analytics
5.2.1 Analyzing the impact of predictive modelling in different facets of the industry
5.2.2 How Santam Insurance used predictive analytics in motor insurance to counter fraud
5.3 Automation
5.4 Social Media

6 Natural Disasters and their Impact on Underwriting
6.1 Catastrophe Insurance and Pricing
6.2 Case Studies
6.2.1 Swiss Re - Taking catastrophic underwriting modelling to a new level following the Japanese Earthquake and Tsunami, 2011
6.2.2 Hurricane Katrina's effect on property and casualty underwriting industry
6.2.3 2011 Thai Floods and their Subsequent Effect on Underwriting
6.3 Impact of Man-made Disasters

7 Appendix
7.1 Methodology
7.1 Contact Us
7.2 About Timetric
7.3 Disclaimer
7.4 Disclaimer

For more details contact Mr. Priyank Tiwari: sales@rnrmarketresearch.com / +18883915441

Website: http://www.rnrmarketresearch.com